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Why You Need Professional Liability Coverage

As a business owner, you are likely aware that you need a solid business owner’s policy. Another good type of coverage to have is a liability. General liability may be able to cover accidents on your property, but don’t stop there. Professional liability insurance can cover legal issues that occur when clients suffer negative effects from the advice or services you offer.

Problems Covered

There are several ways that clients can lose money or suffer other damages as a result of the actions of your company. Professional liability insurance provided by Axis may cover some of the legal costs associated with various allegations:

  • Good faith breaches
  • Faulty advice
  • Negligence
  • Misrepresentation

Assets Covered

Professional liability not only protects your corporate assets but also your personal ones. By covering legal fees and possible damages awarded to the plaintiff, it protects you from having to dip into personal savings or take out a second mortgage on your home to pay these expenses.

Reputation Covered

When you are sued, that process can negatively affect your company’s reputation. With professional liability coverage, you can handle your legal problems more efficiently, protecting your company’s name in the process.

Having a great BOP is an essential expense, but adequate liability coverage can be just as important. When legal issues arise, you will likely be glad you have it.

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Understanding PEO Coverage

If you find yourself asking what is PEO, learn more about what it can do to help your company if you have a small to mid-size business. PEO can make it easier to outsource HR tasks, allowing you to focus on what is most important: operating and growing your company.

Knowing What PEO Does

PEO is short for Professional Employer Organizations, and it takes care of HR duties that you might not want to deal with. This can range from payroll to managing benefits and even general HR duties. Many businesses would rather have someone else handle these, rather than try to quickly learn specific laws or deal with additional work that could take time away from the business, according to insuremyworkcomp.com. This can save you time and give you peace of mind.

Understanding How PEO Can Help Save Money

When you have a PEO to help you out, they can help you save money in various ways, such as getting workers’ comp claims reduced or taking care of time-consuming tasks that could take away from growing your business. Working with a professional HR agency can make life easier in more ways than one.

The next time you ask yourself what is PEO, know that it is another way for business owners to save money while getting the help they need when it comes to HR services.

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Simple Liability Insurance Options For Small Businesses

Several options are available to small businesses looking for insurance. Commercial property insurance to cover your business property and workers’ compensation insurance to protect your people are among two of the more critical coverages that should be in any policy. Just as important is liability insurance. Here’s what you should know about two of the most popular liability coverages.

Liability Insurance Defined

Liability insurance protects you in case you are the subject of a third-party lawsuit. According to the experts at Axis Insurance Services, your policy will cover the expenses related to such a case including your attorneys’ fees, judgments or settlements. Maybe the two most popular forms are a general and professional liability.

General Liability vs Professional Liability

General liability insurance protects you in instances where a third party claims that they sustained an injury or property damage because of your business activities. Examples of this include a visitor hurting themselves in your office from a wet spot or damaging their car in your parking lot due to unfinished pavement.

Also known as errors and omissions insurance, professional liability offers coverage against lawsuits where a third party claims to have suffered a loss because of an error or omission on your part. An example of this is a client claiming to have suffered financial losses because you didn’t live up to your end of a contract.

Your level of coverage will depend on your business needs. Work with an experienced agent to build a policy that’s right for you.

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The Benefits of a Good Group Life Policy

Protecting your employees involves a few basics, such as strong safety protocols, workers’ compensation and good health insurance. Another way to take care of them is with group life insurance coverage.

Protection Options

Your insurance company may be able to design a group life plan that works best for your employees. According to www.moodyinsurance.com/, the two main options for a group policy are term and whole life. There are several questions you can ask your agent to find the coverage that works best for your company:

  • How are the proceeds paid?
  • Who covers the premium?
  • What is the benefit amount range?
  • Does the policy offer optional benefits?

Morale Improvement

When you offer life insurance to your employees, you send the message that you not only care what happens to them but also to their families. This can boost company morale, particularly if the work your employees do has the potential to put them in danger.

Recruitment Potential

Life insurance benefits make you more attractive as a prospective employer. You are more likely to draw talented candidates. When they weigh competing offers, group life insurance coverage could put you at the top of the list.

Making sure that your employees and, by extension, their families are protected in the event of a tragedy has many benefits. Group life coverage helps you take care of the people who take care of your business.

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How Coverage Protects Your Facility

Running a business that specializes in assisted living does an important service to the community it serves, but it also requires the right type of coverage. Here is what to know if you are seeking assisted living business insurance.

Know What Is Offered

Assisted living coverage handles a variety of different needs, depending on the facility, according to Caitlin Morgan Insurance Services. This can vary based on the type of facility you have and can include options such as:

  • General liability
  • Auto insurance
  • Coverage for beauty facilities located within the assisted living center

You can choose what types of coverage you’ll need, based on the number of residents and what you offer them.

Having Coverage Can Save Money

Your facility can save money by having the necessary coverage. If an incident occurs and there is no coverage, some owners might feel the need to shut down their company or worry about getting sued and losing everything. By having the right protection in place, you can avoid these types of problems.

If you are looking at assisted living business insurance, know what types of coverage you need and what is offered before you commit to anything. Having the right coverage can save your facility money and prevent major problems; make sure you select the right coverage today.

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Why Protection for FlatBed Trucks is Important

If you own a trucking company or a truck that has a flatbed, it is important to have the right kind of protection for this vehicle. Having flatbed truck insurance is necessary since these trucks operate differently from the majority of others you’ll see on the highway. Here is why it is necessary.

Flat Bed Truck Coverage Offers Greater Protection

Because flatbeds do not have enclosed space, it goes without saying the liability is greater on these vehicles. It is easier for items being transported to fall off. Because of this, a greater level of protection through flatbed truck insurance can offer your vehicle the coverage necessary to avoid problems if an accident occurs on the highway, according to Gain Insurance.

Having Insurance Protection Saves Money

Having insurance coverage on a flatbed truck can save money if an accident occurs. You or your company won’t be scrambling to cover costs associated with the accident, regardless of who you owe money to. It pays to have peace of mind and avoid problems related to a lack of insurance coverage by having the protection you need.

Having flatbed truck insurance protection can keep you and your company safe. It can save money and provide protection in the event of an accident.

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What Is Owned Auto Coverage? Do You Need It?

The world of business insurance is complex, and unless you work with a provider who commits to auditing your insurance needs and providing comprehensive coverage for all the areas of exposure in your operation, it can be hard to know you have all your bases covered. Even if you’re working with a provider who advertises comprehensive assessment, learning about the risk for yourself is vital to performing oversight on your policies, comparing quotes across providers, and identifying when future expansions will increase your insurance costs by adding new avenues of risk. Owned auto insurance is one vital area that affects companies in a lot of different industries, as explained by World Wide on their site.

Owned Auto Coverage Explained

When your company owns a vehicle, employees with the proper credentials may be tasked to drive it. This makes your insurance needs a little different from those of a family where one individual makes the vehicle purchase and a very limited range of regular drivers has access to it. Your coverage needs to include commercial liability protections that individuals do not necessarily need, as well as protections for injury to employees tasked with the use of the vehicle, as well as the basic liability coverage options needed for all vehicles. That’s why it’s important to work with a provider who really understands owned auto coverage and the different needs of small businesses with vehicles for a variety of uses.

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Winter Problems for Marina Docks

Since marinas sit on the water, winter poses some interesting risks for them. The cold weather affects more than those in the northern states. Further south, businesses need coverage for marina dock to help protect against the risks posed by the harsh winter weather.

Ice 

Ice in freshwater is different than that in seawater. When seawater lasts for more than one freezing season, it is more like brittle freshwater ice. The crushing strength of freshwater ice is higher than saltwater ice.

Temperature

Beyond ice, supercooled water can instantly crystalize should it be disturbed. This means that it can block connections or cause vessels to instantly become stuck in ice. Supercooled water happens when the temperature drops quickly without surface ice forming. As referenced at www.merrimacins.com/, comprehensive insurance protection addresses many of the issues facing marina docks.

Snow

Each cubic foot of snow weighs about 20 pounds. While the added weight may only be temporary, it can cause problems for those electrical connections and utilities beneath the water. The dock system itself can twist and break under the added weight. A long snowstorm can extend the effects of the snow weight.

Understanding the effects of the winter weather can help you protect your marina. Have coverage for a marina dock that helps you protect your business from the unexpected.

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Can Late Fees Ensure Your Rental Income?

When you own a rental, you want to be able to make money off of it. The only way to earn income from your building is to collect rent. Here is how you can make sure that you receive payment and deter nonpayment.

Late Fees

A late fee for rent is a great way that you can deter tenants from paying late, according to the experts at https://www.rentrescue.com. Now, in most cases, you should have a grace period for your tenants. Normally, you would ask for money on the first but give the tenant until the fifth before you charge a late fee. Late fees should make sense to the rent that the tenant pays. Some states require that you charge no more than a certain percentage, four percent, for instance.

Partial Payments

To accept partial payments may provide you with a means to collect all of your rental income. If your tenant faces financial hardship but it is only a temporary hardship, you can set up an agreement for him or her to pay you in multiple payments.

The best-case scenario is that your tenant will pay the rent on time, every time. Sometimes, this is not the case, however. When your tenant does not pay rent, you have to have a way to earn your rental income.

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Realtor Terminology You Should Know

Buying a home is a perplexing process, especially with the foreign terminology and processes that you have to learn. One thing that many people can be confused about is a PUD vs HOA and how they are related to one another. Let’s take a quick look to review these terms with the help of information provided by Kevin Davis Insurance.

What’s The Difference?

A PUD, or planned unit development, is a planned community of detached homes and townhomes. The owners of these units have complete control over the land their home sits on, such as the backyard, and are responsible for those areas. They are also part of an HOA, or homeowner’s association. Owners pay fees to the HOA so that the association can maintain the common areas, such as pool and walkways.

For individuals interested in purchasing a townhome or condo, it’s important to consider whether the home is located in a PUD and also what the HOA fees include. Not every townhome or condo is part of a PUD, but your realtor can help you find one that suits your needs.

Review Your Terms Before Beginning Your Search

Before you look for a house, it’s a good idea to review the difference between a PUD vs HOA. That way, you can know what those terms mean when they come up in your search.